Question
The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year: Preferred 1% Stock, $50 par (100,000
The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year:
Preferred 1% Stock, $50 par (100,000 shares authorized, 75,100 shares issued) | $3,755,000 |
Paid-In Capital in Excess of ParPreferred Stock | 165,220 |
Common Stock, $3 par (5,000,000 shares authorized, 2,020,000 shares issued) | 6,060,000 |
Paid-In Capital in Excess of ParCommon Stock | 1,212,000 |
Retained Earnings | 35,446,000 |
During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows:
Jan. | 5 | Issued 519,600 shares of common stock at $8, receiving cash. |
Feb. | 10 | Issued 10,800 shares of preferred 1% stock at $61. |
Mar. | 19 | Purchased 46,400 shares of treasury common for $8 per share. |
May | 16 | Sold 20,800 shares of treasury common for $10 per share. |
Aug. | 25 | Sold 5,600 shares of treasury common for $7 per share. |
Dec. | 6 | Declared cash dividends of $0.50 per share on preferred stock and $0.10 per share on common stock. |
31 | Paid the cash dividends. |
Required:
Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. |
Chart of Accounts
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Upscale Construction Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Journal
Journalize the entries to record the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
PAGE 10
JOURNAL
ACCOUNTING EQUATION
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